CBE Cabo Drilling Corp

Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo" or the "Company") and Torngat
Services Limited ("Torngat") announce the signing of an Alliance Agreement
whereby the parties will work together to seek out contract drilling
opportunities with exploration and mining companies within the Labrador region. 


Torngat is an Inuit Business, and has the rights to conduct business on the
lands in the Nunatsiavut Territory in Labrador, Canada. Through its current
agreements and relationships, Torngat has agreed to work with Cabo as an
exclusive supplier of drilling services to Inuit Impact Benefit Agreement
projects. 


As part of the Alliance Agreement the Company will manage the alliance projects
and will work with Torngat to provide training and employment opportunities to
qualified Nunatsiavut Beneficiaries. The objective of the Alliance Agreement
partners is to provide contract drilling services in the Nunatsiavut Territory
and to advance Nunatsiavut Beneficiaries to increasingly responsible positions,
within the drilling services sector, in accordance with their qualifications,
training and capabilities.


Working within the Alliance Agreement will enable Torngat to develop capacity
and skill sets within the exploration and mining sectors and will enable Cabo to
more visibly market its drilling services within the Nunatsiavut territory.
Furthermore, the alliance will provide Torngat and Cabo with revenue generating
and growth opportunities.


"This is the second alliance agreement we have entered into within the Labrador
region within the last month," states John A. Versfelt, President & CEO of Cabo
Drilling Corp. "I firmly believe these kinds of agreements are beneficial to
both the local communities and businesses as well as to companies such as Cabo.
I look forward to working under our alliance agreement with Torngat to create
opportunities for employment and training for the Nunatsiavut Beneficiaries and
provide Cabo's drilling services to the Nunatsiavut Territory."


"Torngat is very pleased to be working with Cabo on this Alliance and we look
forward to a beneficial working relationship within the Labrador region," says
Wyman Jacque, President of Torngat Services Limited.


About Torngat Services Limited 

Torngat is an Inuit owned services company that is focused on drilling,
engineering and construction services.


About Cabo Drilling Corp. (TSX VENTURE:CBE) 

Cabo Drilling Corp. is a drilling services company headquartered in North
Vancouver, British Columbia, Canada. The Company provides mining specialty
drilling services through its Canadian divisions in Surrey, British Columbia;
Montreal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well
as Cabo Drilling (Nevada) Inc. of the United States; Cabo Drilling (Panama)
Corp. of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico Corp. of
Panama, Republic of Panama doing business as Cabo Drilling Colombia Corp.;
Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling
(International) Inc. The Company's common shares trade on the Frankfurt Exchange
under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE. 


ON BEHALF OF THE BOARD

John A. Versfelt, Chairman, President and CEO 

Further information about the Company can be found on the Cabo website
(http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Sheri Barton,
Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman,
President & CEO of the Company at 604-984-8894. 


This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, potential mineral recovery processes and other
business transactions timing. Forward-looking statements address future events
and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.

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